Sunday, 19 August, 2018

Saudi billionaire takes stake in Snap

Snap will report quarterly results today Facebook and Twitter’s debacles cast a shadow A sign with a Snapchat logo hangs on the front of the New York Stock Exchange in 2016
Laurie Berry | 09 August, 2018, 04:09

Shares of Snap initially dropped, then jumped as high as $14.90 in extended trading following the report, after climbing less than 1 percent to $13.12 in NY.

Offering more ways for advertisers to purchase ads has boosted revenue this year by drawing small brands looking for cheap commercial time.

Snapchat has been trying to please its users ever since its first redesign in November in an attempt to simplify and streamline the user experience.

Snapchat founder and Snap CEO Evan Spiegel blamed the decline in users on the redesign of Snapchat earlier this year.

Saudi Arabia's Prince Alwaleed bin Talal announced soon after the results that he had finalized a $250 million deal in May to buy a 2.3 percent stake. Snap lost $353 million (roughly Rs. 2,400 crores) in the quarter, or 27 cents (about Rs. 18) per share.

However, there was positive news elsewhere in the results as parent company Snap Inc reported revenue of 262.2 million dollars (£202.6m), up 44% on this time a year ago and above analyst expectations.

Ruby Rose Lands Role As Lesbian Superhero Batwoman!
The character has previously been in relationships with Renee Montoya and Maggie Sawyer (a connection The CW is surely aware of). Sarah Schechter of Berlanti Productions and Geoff Johns are also on board as executive producers.

Despite the fall in the number of users, the firm said revenues were up and its losses had declined in its second quarter. Revenue was forecast at $251.2 million. Its shares are down almost 10% for the year, as of Tuesday morning, while Facebook (FB) stock is up 5% despite a quarterly bloodbath last month.

For the current quarter ending in October, Snap said it expects revenue in the range of $265 million to $290 million. Snap in first-quarter results said it would again adjust how it presents content.

Evan Spiegel said Snap does consider users' feedback: "We feel that we have now addressed the biggest frustrations we've heard, and are eager to make more progress on the tremendous opportunity we now have to show more of the right content to the right people". "We saw and continue to see Snap as a niche platform".

The drop in daily active users is an unfortunate turn for the company, as it struggled with a tepid reaction to its app redesign late past year as well as continuing problems with its Android app.

These drops came as the company embarked on a huge redesigned and also committed to building hardware in the form of camera-toting spectacles.

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